Binance to open Singapore fiat-to-crypto exchange in April

[Unblock_news]

First announced in September 2018, Binance Singapore will be a fiat-to-crypto exchange that would support the Singaporean dollar.


Full article here: https://www.unblock.news/market/binance-to-open-singapore-fiat-to-crypto-exchange-in-april

[Naida_BR]

We need fiat to crypto exchanges because right now it is very difficult to get into the cryptocurrency world.
The fact that concerns me is how much would be the fee of this exchange of value. If it is high (which I think it will) then it will be not so beneficial for bringing many people to crypto.

[posi]

We need fiat to crypto exchanges because right now it is very difficult to get into the cryptocurrency world.
The fact that concerns me is how much would be the fee of this exchange of value. If it is high (which I think it will) then it will be not so beneficial for bringing many people to crypto.

I dont see the reason why it hard to get into crypto currency like the early 2015-2016 where we have few crypto to fiat exchange site. It goid binance add the integration of the Singapore fiat into their payment system cause Singapore is also among the crypto friendly country

[Valhalaa]

We need fiat to crypto exchanges because right now it is very difficult to get into the cryptocurrency world.
The fact that concerns me is how much would be the fee of this exchange of value. If it is high (which I think it will) then it will be not so beneficial for bringing many people to crypto.

I dont see the reason why it hard to get into crypto currency like the early 2015-2016 where we have few crypto to fiat exchange site. It goid binance add the integration of the Singapore fiat into their payment system cause Singapore is also among the crypto friendly country

Yes, it's really really good that Singapore already has the commonly used exchange fiat, but if they carry binance names,
they might be rivals for local exchanges in Singapore, they have to bite their fingers because just one website can do anything like one stop solution.
so we don't need to transfer our balance to the local exchange so immediately withdraw directly to the bank

[Ailmand]

We need fiat to crypto exchanges because right now it is very difficult to get into the cryptocurrency world.
The fact that concerns me is how much would be the fee of this exchange of value. If it is high (which I think it will) then it will be not so beneficial for bringing many people to crypto.

I think it will somehow help other people to get easy access in crypto. Sometimes what makes crypro unaccessible is it's availability of fiat-currency in some countries. Most exchange only has currencies like USD, AUD, Euro and etc, which maybe not available in some countries. We need more like this.

[okala]

We need fiat to crypto exchanges because right now it is very difficult to get into the cryptocurrency world.
The fact that concerns me is how much would be the fee of this exchange of value. If it is high (which I think it will) then it will be not so beneficial for bringing many people to crypto.

I dont see the reason why it hard to get into crypto currency like the early 2015-2016 where we have few crypto to fiat exchange site. It goid binance add the integration of the Singapore fiat into their payment system cause Singapore is also among the crypto friendly country

The integration of faint into they exchange will automatically solve the problem we face with the bank and master card that most time prevent buyer from using they platform to purchase bitcoin, the Singapore crypto fiat exchange when operational will help those in the Singapore region to purchase bitcoin with they brand of the dollars rather then going through the usual hustle of buying from the old merchant.

[AjithBtc]

As Singapore is inw among the crypto friendly country around the world with good support from the government for fintech development. By this the usage of bitcoin from common people around the country have increased big. To the increasing usage it is a must to provide with bitcoin to fiat exchange service, which at present is gonna done by Binance.

[Beerwizzard]

For now, I don't really care with which fiat currencies BTC is paired. The real problem is fiat funding and withdrawals on crypto exchanges. In most cases you have to pass all levels of KYC to be available to send and receive only bank transfers. Not everyone is able to send this kind of transfers and it may take a several days to send some money to exchange while PayPal is considered as an unsafe and card transfers are not allowed by banks or also unsafe.

[joniboini]

The integration of faint into they exchange will automatically solve the problem we face with the bank and master card that most time prevent buyer from using they platform to purchase bitcoin, the Singapore crypto fiat exchange when operational will help those in the Singapore region to purchase bitcoin with they brand of the dollars rather then going through the usual hustle of buying from the old merchant.

There are several options for Singaporean users if they want to exchange fiat to Bitcoin and vice versa, like Luno. More info can be found at https://www.buybitcoinworldwide.com/singapore/.

So this Binance thing is not really a breakthrough, just add more alternative for them. Let's stop making Binance as the divine god in cryptocurrency space. They aren't making any new breakthrough sometimes and just copy-paste other tactics like running an IEO.

[mu_enrico]

Let's stop making Binance as the divine god in cryptocurrency space. They aren't making any new breakthrough sometimes and just copy-paste other tactics like running an IEO.

Agree with you mate, and the last stupid drama told us that exchanges have too much power. So much decentralization if they can list/delist and do market manipulation.
PS: I'm still only a spectator

[dothebeats]

Knowing that Singapore is one of the centers of trades, commerce and finance in the world, this might come out unnoticed and might be a wasted effort since people in SGP are rather focused and centered in fiat rather than dabbling in cryptocurrencies and the likes. I'm not putting my hopes up for this new Binance exchange to be established in SGP but this somewhat places yet another avenue connected to the great crypto highway of development.

[el kaka22]

Fiat to crypto creates so much more possibilities for binance and also puts so much work on their shoulders as well. When you create an exchange that is just crypto to crypto there are few regulations that you have to follow, of course you pay your taxes and run as a legit business but its still just crypto to crypto, in many countries its still seen same as putting your cs:go skins and trade it with fortnite bucks or whatever, the "laws" see the game currencies as same things as bitcoin because there are no specific rules about it.

Moreover, as soon as you put fiat to crypto than you start to go into much more detailed laws and than you have to be regulated a lot more closely to make sure you do not scam people, that is why it is both great for them but also creates more workload however as long as they keep being legit they won't have any issues.

[ginobitcoiner]

this is a good thing, I'm glad finally Binance was able to realize their plan. but this is nothing special, there are several other exchangers that have been integrated with the FIAT currency of their respective countries. Binance Singapore is not the first...

[traderethereum]

That is a great opportunity for people who live in Singapore so they can have a local exchange and I think they will not have a problem with Binance. I think there is more adoption from people in that country and it will attract more people to come to cryptocurrency because the sounds of cryptocurrency are already in many places.
Besides that, I think the KYC will not be a problem for the people because they can prove themselves as local people of Singapore and I am sure that binance in Singapore will reach big members.

[hugeblack]

Binance and coinbase are the two main pillars that will turn to the next central crypto banks, and will move-away the link between cryptocurrencies and dark activities manipulation, money smuggling, drugs.

They have plans to expand in many countries in addition to some charitable activities, which is a sign that this platform will try to be like Google, but its focus on emerging countries, unlike what coinbase does.

[Kemarit]

The integration of faint into they exchange will automatically solve the problem we face with the bank and master card that most time prevent buyer from using they platform to purchase bitcoin, the Singapore crypto fiat exchange when operational will help those in the Singapore region to purchase bitcoin with they brand of the dollars rather then going through the usual hustle of buying from the old merchant.

There are several options for Singaporean users if they want to exchange fiat to Bitcoin and vice versa, like Luno. More info can be found at https://www.buybitcoinworldwide.com/singapore/.

So this Binance thing is not really a breakthrough, just add more alternative for them. Let's stop making Binance as the divine god in cryptocurrency space. They aren't making any new breakthrough sometimes and just copy-paste other tactics like running an IEO.

And they want to take a piece of that big pie in Singapore. They all know that the country is really advance because it's one IT hub not just in Asia but in the world. So entering the picture is a big business move for them. That's why they are top exchanges right now, because they are not resting on their laurels but continue to move forward and left the competition behind by setting up the bar high. They already have a foot hold in Australia, so it looks like they are targeting the APAC region right now.

[gabmen]

Well well well, it seems binance is really out to keep it' top exchange title by making such moves. Though i think it should be integrated now with most exchanges to make it more accessible for traders and investors.

[erikoy]

Binance has continue to grow achieving targets and goals. There is no doubt why binance is one of the favorite exchange among traders. This is why to list a coin with binance exchange require bigger fees but sooner or later it could also compromise the fees since it has a lot of traders there and community has a good support in binance excahnge.

[cabron]

Adding more exchanges especially with a fiat to crypto feature will always be beneficial even when fees are higher than normal or course it won't be just to set the fees to ultra higher but no matter what, its still going to attract users to get into bitcoin. Its what crypto needs to get the herds running. These are the countries that already supported crypto so why just now, they should have done it long time ago.

[kryptqnick]

Singapore is pretty strict in terms of regulations, so Binance has to be careful not to make a wrong step. Crypto exchanges have to keep record of transactions, report to the regulator, make substantial risk assessment etc. It also matters there whether what you list on the exchange is classified as tokens or cryptos.
Accepting fiat is a brave move. It is harder than operating legally only with cryptocurrencies on the exchange. But it is good for people, of course.